Good News for IT Workers with Hopes of a Definitive Reduction in Layoffs
Image Source: India Today
Between January and March 2024, Indian entrepreneurs eliminated 60% fewer jobs than they did over the same period the previous year. Significant layoffs were noted worldwide at Apple, Microsoft, Amazon, Byju’s, ShareChat, Flipkart, and Swiggy.
It appears that staff job cutbacks are a comfort for Indian entrepreneurs. Tech businesses have apparently shown a decline in the number of people being laid off each month this year, albeit not completely. According to recent research, during the first quarter of 2024, Indian IT businesses let go almost 2,000 employees, as compared to the same period in 2023.
A tracking website called layoffs.fyi reports that over 2,000 workers were let go, which is a 60% drop from the same time last year. The decline in venture capital financing availability is consistent with the decreasing trend of layoffs in tech businesses. According to the data, 5,358 employees were affected by the layoffs that 43 firms carried out in the first quarter. The largest layoffs occurred at Byju’s, an edtech company, when 1,500 workers were let go from various areas.
In addition to Byju’s, a few other companies also reduced their staff. Additionally, the social networking site ShareChat laid off about 500 workers as part of a 20% staff reduction. Layoffs also occurred at Ola, MediBuddy, DealShare, MyGate, UpGrad, and Pristyn Care, where 100 workers were let go by each company.
However, not all of the layoffs were at startups. This year was no different for massive behemoths like Flipkart and Swiggy. After conducting its annual performance assessments, the industry leader in e-commerce, Flipkart, let go of almost 1,100 employees. Similarly, Swiggy reduced its personnel in January by 400 workers, or 7% of all employees. Layoffs also occurred at other significant firms, such as InMobi, Cure.fit, and Pristyn Care.
There is a significant rumored association between finance trends and the cyclical nature of hiring and layoffs in businesses. The previous year, another “funding winter,” witnessed a high number of layoffs: over 16,400 employees from 111 businesses. Yet, throughout the 2021 investment boom, there were only around 4,000 layoffs.
In the meantime, the graph showing the trends in layoffs worldwide is also gradually but not completely slowing down. Tech giants like Google, Apple, and Amazon continue short JBS cuts following restructuring exercises. As of now, in 2024, 237 IT businesses will have let go of 58,499 workers. Many corporations announced new layoffs in April alone.
Apple, Microsoft, and Amazon have all announced large layoffs in April 2024. Following the cancellation of the Apple Watch Ultra with MicroLED display and the shutdown of its automobile project, Apple laid off over 600 workers, affecting employees in Arizona and California. Under Jared Spataro’s leadership, Microsoft is reorganizing with an emphasis on improving Copilot AI products and optimizing Teams, which will lead to layoffs in order to increase AI capabilities. AWS, a branch of Amazon, also laid off employees in line with a corporate restructuring toward important sectors like technology and physical shops.
The corporations are taking steps to assist their staff despite these layoffs. The precise number of Apple layoffs may be greater than previously stated because they were a component of a larger operational restructuring. While Amazon is aggressively hiring in other business sectors, supporting impacted AWS workers in transitioning to other jobs, and granting severance payments as a sign of their commitment to their people amid restructuring, Microsoft is prioritizing AI development.
Team Profile
Latest entries
Business & Economy11 April 2024Good News for IT Workers with Hopes of a Definitive Reduction in Layoffs
English10 April 2024India Displayed a Striking Increase in Web3 Adoption; Statistics Show Sector Growth – Report
Business & Economy9 April 2024Tata Group in Advanced Talks to Acquire Pegatron’s iPhone Plant in India
Business & Economy7 April 2024Tech Layoffs in 2024 Continue to Expand Brutally and will Continue the Same Trend in 2024
